11 Cheap ESG Stocks to Buy According to Hedge Funds

4. Elevance Health, Inc. (NYSE:ELV)

Number of Hedge funds holding: 73

Forward P/E as of May 06, 2025: 10.57

Elevance Health, Inc. (NYSE:ELV) is a U.S.-based health insurer that operates through four segments, including Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. Incepted in 2001, the company also provides pharmaceutical services, managed care services, health products, and behavioral health management, among others. The company’s purpose revolves around improving lives and communities.

Through its strategic collaborations, the company has indeed made an impact. Elevance Health, Inc. (NYSE:ELV), along with Impact Fitness Foundation (IFF), has managed to develop a weight room and fitness space at Irvington Preparatory Academy. Kyle Weber, Chief Strategy Officer at Elevance Health, made the following comment:

“Health equity intersects with many circumstances, including where you live. By providing a fitness space, students will have increased access to resources needed to optimize their physical health and impact their mental health.”

Elevance Health, Inc. (NYSE:ELV) has a total ESG Risk Score of 9.3, which is considered totally negligible. While the environmental risk stands at 0.1, the social and governance risk scores are 5.3 and 4.0, respectively.

In a recent development, Elevance Health, Inc. (NYSE:ELV) Foundation disclosed an updated five-year plan to invest $150 million over the course of four years through a multilevel approach, including grantmaking, impact investing, associate community engagement, and community action leadership. The company has set aside $10 million as a loan to address social needs by offering access to inclusive financing for aim-focused businesses that will drive the health ecosystem.

Additionally, a $14.1 million grant to Feeding America’s Food as Medicine program is assisting in combating food insecurity. The wildfires in Southern California affected many, and this isn’t something overlooked by the company. In response, the powerhouse is committed to an initial $10 million in grants to support community resilience. With a focus on the vulnerable parts of society, ELV is among the best cheap stocks to buy.